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Inquirer Daily News

Archive: August, 2012

POSTED: Tuesday, August 28, 2012, 11:15 AM

Tom O'Malley's PBF Energy, which operates oil refineries at Delaware City, Paulsboro and other East Coast sites, says here that it plans to "further expand crude by rail shipments" and by barges "at the company’s 190,000 barrels per day Delaware City Refinery" beyond the current 20,000 barrels/day it's shipping from Alberta and North Dakota.

Work is "underway to more than double rail offloading capacity to 40,000+ b/d in September 2012 and 110,000+ b/d by January 2013," PBF says. Delaware is the only refinery of its type "that can run lower-cost, Western Canadian Heavy crude oil, giving us a competitive edge.

"We are also keeping our options open by barging Bakken [crude from wells in North Dakota] from regional third-party terminals into Delaware City and Paulsboro, [replacing] more expensive Brent-based crudes.”

POSTED: Tuesday, August 28, 2012, 10:43 AM

The Newhouse family's Advance newspaper chain will stop daily publication of its Harrisburg Patriot-News, the company says here. Excerpt:

"The Patriot-News will change its print schedule to three days a week beginning in January 2013. At the same time, the organization will intensify its online and digital news-gathering efforts 24 hours a day, seven days a week.

"The newspaper will continue to publish on Sundays. The other two days of publication will be determined after gathering input from readers and advertisers.

POSTED: Tuesday, August 28, 2012, 8:55 AM

NY-based buyout firm Clayton, Dubilier & Rice says it has agreed to buy control of the Conshohocken-based, 300-store chain David's Bridal Inc., which calls itself the largest bridal-gown and accessories retailer in the U.S. The current owner, Leonard Green & Partners, of Los Angeles, will remain as a minority investor. The buyer said the deal values David's at $1.05 billion. (Revised)

In this statement, Clayton Dublier partner Richard J. Schnall said he wants David's "to grow in new market segments, channels, and geographies." The firm named ex-GAP and Disney executive Paul Pressler, a Clayton Dubilier partner, as David's chairman once the deal closes, which is supposed to happen late this year.

David's boss Robert D. Huth said Clayton would "accelerate our growth strategies." The firm currently sells dresses licensed by the Vera Wang, Oleg Cassini and Galina studios and under its own house brands and works with a network of local wedding service vendors. 

POSTED: Monday, August 27, 2012, 10:16 AM

"Philadelphia taxpayers are spending an extra $1.5 million, as workers rebuild Venice Island Recreation Center and storm-water drains in flood-prone Manayunk, so that the city can use a contractor based in suburban Narberth to manage the job, instead of one from suburban Langhorne."

That's thanks to the city's "Local Business Entity" (LBE) law. Now some City Council members want such "preference" payments doubled. More in my Sunday Philadelphia Inquirer column here.

 

POSTED: Monday, August 27, 2012, 9:52 AM

UPDATE: The Kenexa deal "fits" with IBM's planned $20 billion in software acquisitions and boosts IBM's human-resources business at a time when hiring interest is growing, writes  Joseph D. Foresi, analyst at Janney Capital Markets in Philadelphia. 

IBM is paying 3.7x Kenexa sales, less than SuccessFactors and Taleo fetched in recent deals, Foresi told clients.  IBM generally keeps 36 cents of every dollar in software sales (pre-tax), while Kenexa only keeps about 12 cents.  On the other hand, Kenexa is growing by a healthy 25%/year.

EARLIER: Kenexa Corp., the Wayne-based, publicly-traded recruiting and hiring software firm, says IBM Corp. has agreed to buy the company for $1.3 billion, $46 per share.  Statement here. Inquirer's Jane Von Bergen writes more here.

POSTED: Monday, August 27, 2012, 6:49 PM

Commonwealth Court Judge Bonnie Brigance Leadbetter this evening gave state-appointed Harrisburg receiver William Lynch part of what he wanted despite opposition by Harrisburg's City Council and financial officers: From Leadbetter's order:

   "The Petition [by receiver Lynch] is GRANTED as to the tax increase and City Council shall, within 15 days, enact a 1% temporary increase [to 2%], effective for one year, in the earned income tax rate on residents of the City of Harrisburg, to be effective immediately upon enactment; Subsequent temporary increase in the earned income tax rate may be sought by petition, if necessary;

    "The revenues generated as a result of the increase in the earned income tax rate shall be used only to pay for the services essential to the public health, safety or welfare; the revenues shall not be subject to sharing with a school district; no payments shall be made on debt associated with the Resource Recovery Facility until further order of the Court..."

POSTED: Monday, August 27, 2012, 3:35 PM

TriState Capital Bank had the good fortune to open its doors with $85 million in new capital on the eve of the 2008 financial crisis, so it still had money to lend over the next two years, when loan growth stalled at larger and smaller banks.

Last week, the Pittsburgh-based company, with a branch in Villanova and offices in Manhattan, Cleveland and Lawrenceville, NJ, raised another $50 million, this time from the Radnor- and Los Angeles-based Lovell Minnick investment firm (the Philadelphia partner, James Minnick, is a past Morgan Grenfell and SEI Corp. executive).

"This will allow us to continue to grow, with our capital levels well above where they need to be," Joseph Finley, President of the bank's Philadelphia region, told me. "We look at ourselves as a growth company in a non-growth industry. We're building a great book of business in Philadelphia. And we recently opened an office in Manhattan."

POSTED: Thursday, August 23, 2012, 11:01 AM

Saw Mill Capital LLP, a Briarcliff Manor, NY buyout firm that targets industrial companies, has agreed to buy testing equipment distributor and consultant Pine Environmental Services Inc., Windsor Township, near Trenton, NJ, from founders Angelo and Roger Pinheiro and Robert A. Fox's RAF Industries Inc., a Jenkintown industrial investment firm which has backed Pine since 2005.

Saw Mill agreed to invest more than $70 million in equity and assumed debt, according to a party familiar with the terms. Saw Mill says it buys businesses with at least $40 million in yearly sales.

Pine calls itself "the largest independent provider of environmental test and measurement equipment solutions in North America." The firm says it serves more than 2,500 customers, selling, servicing and advising them on the use of air, water and soil pollution detection and treatment systems built by third-party manufacturers.

About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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